NEW YORK, March 9, 2016 /PRNewswire/ -- Global liquid crystal polymers (LCP) market is expected to reach USD 1.23 billion by 2020. Shift in trend towards miniaturization of electrical components such as surface mount device and connectors is expected to drive global LCP market. Growing demand for lightweight, high performance materials from automotive industry in order to improve fuel efficiency is also expected to have a positive influence on the market growth. Lower welding strength and warpage associated with LCP is expected to remain a key challenge for market participants.

Electrical & electronics emerged as the leading application segment and accounted for 81.5% of total market volume in 2013. Growing engineering resins demand for manufacturing ultra-thin electrical components is expected to remain a key driving factor for this segment. LCP is favored over other engineering resins such as polyphenylene sulfide (PPS), nylon 46 and polyphthalamide (PPA) which has further propelled market growth. Electrical & electronics is also expected to witness the highest growth rate of 8.9% over the forecast period. LCP demand from automotive industry is expected to grow at an estimated CAGR of 7.3% from 2014 to 2020. Shift in trend towards adoption of lightweight, high performance materials from automotive industry particularly in the U.S. and Europe is expected to drive this segment.

Further key findings from the study suggest:

Global LCP demand was 46.1 kilo tons in 2013 and is expected to reach 81.7 kilo tons by 2020, growing at a CAGR of 8.6% from 2014 to 2020.China was the leading regional market and accounted for 46.1% of total market volume in 2013. China is expected to continue its dominance over the forecast period owing to rapid expansion of electronics & electrical industry in the nation. Other Asian countries such as India, Japan, South Korea and Taiwan are also expected to witness steady growth over the forecast period.Industrial machinery applications include ceramic material substitutes and mass transfer packaging in chemical industries. Increasing industrial machinery demand particularly in China and other Asian countries is expected to complement regional market growth.North American LCP market is expected to reach USD 241.4 million by 2020, growing at an estimated CAGR of 7.3% from 2014 to 2020.Global LCP market is highly consolidated with top four companies accounting for over three-fourth of total market. Some major companies operating in the global LCP market include Celanese Corporation, Polyplastics Co., Ltd, Solvay S.A and Sumitomo Chemical. Other companies include Toray International, Inc, Samsung Fine Chemicals and Ueno Fine Chemicals Industry Ltd.For the purpose of this study, Grand View Research has segmented the LCP market on the basis of application and region:

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